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VOL. 122 | NO. 62 | Tuesday, April 3, 2007

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Gallina Centro Retail Center
On Houston Levee Road
Sale Amount: $17.8 million

     Sale Date:     March 26, 2007

     Buyer:     Cole MT Collierville TN LLC

     Seller:     Gallina Centro LLC

     Loan Amount:     $14.2 million

     Loan Date:     March 26, 2007

     Maturity Date:     N/A

     Lender:     Wachovia Bank NA

     Details:     Gallina Centro Shopping Center at the northwest corner of Winchester and South Houston Levee roads. The sellers are affiliated with Boyle Investment Co., which completed phases of the center between 2002 and 2005. The buyer, Cole Credit Property Trust II Inc., is a Phoenix-based real estate investment trust (REIT) that focuses mainly on single- and multi-tenant retail properties, said Chris Robertson, Cole Cos.' senior vice president, acquisitions. Robertson said the 140,000-square-foot-plus center is 100 percent leased.
"We liked the Gallina Centro deal because, A, we love the location, and B, we really like the tenant mix there," he said.

          Gallina's tenants include Kroger, Stein Mart and Pier 1 Imports; Walgreens and McDonalds are on outparcels. The purchase did not include the McDonalds building, but did include the land on which it is situated, Robertson said.
Cole Cos. was founded in 1979 and currently owns or manages 1.7 billion square feet of mostly single- and multi-tenant retail properties and is on track to surpass the 2 billion-square-foot mark by mid-April, Robertson said. The company owns several Walgreens and a Rite-Aid drug store in Memphis, along with properties in Nashville, Knoxville and Chattanooga, he said.

20 lots in
Richland Valley
Sale Amount: $1.1 million

     Sale Date:     March 20, 2007

     Buyer:     Sweeney-Bronze Holdings LLC

     Seller:     Richland Valley LLC

     Details:     20 lots in phase one-B of Richland Valley Planned Development. In conjunction, Sweeney-Bronze modified a $5 million construction loan through Trust One Bank to add the 20 lots as additional collateral. That loan, which was filed in the Fayette County Register's Office in December, originally included 25 lots in Villages of Riverwood Subdivision in Fayette County. Richland Valley phase one-B was approved in February for 52 lots on 26.65 acres. It is connected to Richland Valley phase one-A on the south side of Ellis Road west of New Brunswick Road in Bartlett.

Nine lots in
Wooddale Ridge
Loan Amount: $1 million

     Loan Date:     March 16, 2007

     Maturity Date:     March 10, 2008

     Borrower:     Multi-Unit Moguls Inc.

     Lender:     First Bank NA

     Details:     Nine lots in Wooddale Ridge Subdivision north of Winchester Road west of Johns Creek drainage canal. Each lot was financed separately for between $108,000 and $112,000. The lots are among 27 Multi-Unit Moguls bought for $742,500 in October from Michael G. Alexander doing business as Alexander Enterprises. Wooddale Ridge was approved in 2002 for 58 lots on 18.97 acres.


Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
FORECLOSURE NOTICES 14 51 326
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225
BUSINESS LICENSES 0 115 606
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0